MOHEGAN TRIBAL GAMING AUTHORITY

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BRANCHING OUT
MOHEGAN TRIBAL GAMING AUTHORITY
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MOHEGAN TRIBAL GAMING AUTHORITY 2008 Bank of
America Gaming Conference January 31, 2008 Las
Vegas, Nevada Presented by Leo M. Chupaska,
Chief Financial Officer of MTGA Peter J. Roberti,
Vice President of Finance of MTGA
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Disclosure Regarding Forward-Looking Statements

• Some information included in this presentation is
  not strictly historical in nature and involve
  important risks and
• uncertainties that could significantly affect
  anticipated results in the future. Such
  statements are forward-looking
• statements, within the meaning of Section 27A of
  the Securities Act of 1933 and Section 21E of the
  Securities
• Exchange Act of 1934. These forward-looking
  statements are only predictions and actual events
  or results may
• differ materially from any forward-looking
  statements made during this presentation.
• Factors that could cause actual results to vary
  from these forward-looking statements are more
  fully described in
• our Annual Report on Form 10-K, as filed with the
  Securities and Exchange Commission, for the
  fiscal year
• ended September 30, 2007, under the heading
  Risk Factors. Forward-looking statements made
  during this
• presentation represent the Authoritys current
  outlook only as of todays date. The Authority
  does not undertake
• any obligation to update or supplement any
  forward-looking statements to reflect subsequent
  events or
• circumstances. The Authority cannot assure you
  that projected results will be achieved or that
  predicted events
• will occur.

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Disclosure Regarding Non-GAAP Measures

• The following presentation includes certain
  financial measures of performance that are
• not calculated in accordance with accounting
  principles generally accepted in the United
• States of America, or GAAP. In accordance with
  the rules of the Securities and Exchange
• Commission, we have reconciled these non-GAAP
  measures to the most directly
• comparable GAAP measure in the Appendix section
  of this presentation. A copy of other
• relevant slides pertaining to the use of non-GAAP
  measures is available on our website,
• www.mtga.com, at Investor Relations/Online
  Presentations/2008 Presentations, titled
• Disclosure Regarding Non-GAAP Measures.

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Agenda

• Mohegan Tribe Overview
• Mohegan Tribal Gaming Authority Overview
• Mohegan Sun - Project Horizon
• Mohegan Sun - Project Horizon Video
• Mohegan Sun at Pocono Downs
• Diversification Efforts
• Financial Overview
• MTGA Capital Structure Liquidity and Capital
  Expenditures
• Investment Considerations
• Questions
• Appendix

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Mohegan Tribe Overview
MOHEGAN TRIBAL GAMING AUTHORITY
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Mohegan Tribe Overview

• The Mohegan Tribe received federal recognition in
  1994
• Approximately 1,700 members
• Strongly committed to tribal culture and history
• Mohegan Sun and grounds are situated on 185 of
  the Mohegan Tribes 507-acre reservation in
  southeastern CT

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Mohegan Tribe Overview (Cont.)

• Nine member Tribal Council serves as governing
  body
• Bruce S. Bozsum Chairman and Member
• Marilynn R. Malerba Vice Chairwoman and Member
• William Quidgeon, Jr. Treasurer and Member
• Allison D. Johnson Recording Secretary and
  Member
• Ralph James Gessner, Jr. Corresponding
  Secretary and Member
• Mark W. Hamilton Member
• Mark F. Brown Member
• Cheryl A. Todd Member
• Thayne D. Hutchins, Jr. Member

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Mohegan Tribal Gaming Authority Overview
MOHEGAN TRIBAL GAMING AUTHORITY
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Mohegan Tribal Gaming Authority Management
Overview
Mohegan Tribal Gaming Authority
Menominee Project
Legends Sun Project
Cowlitz Project
Mohegan Sun at Pocono Downs
Mohegan Sun
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Mohegan Tribal Gaming Authority Management
Bruce S. Bozsum Chairman Management Board
Mitchell Grossinger Etess President and CEO
MTGA and Mohegan Sun
Jeffrey E. Hartmann Executive VP and COO MTGA
and Mohegan Sun
Robert J. Soper President and CEO Mohegan Sun
at Pocono Downs
Leo M. Chupaska CFO MTGA
Michael J. Ciaccio VP General Counsel
Peter J. Roberti VP Finance MTGA
Paul I. Brody VP Development MTGA
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MTGA Strategies 2008 - 2012

• Further development and company wide buy-in of
  current Mohegan Sun culture to ensure that an
  environment of open and authentic exchange of
  ideas is constantly fostered, encouraged and
  rewarded
• Development and implementation of strategic
  performance controls to ensure compliance with
  stated goals and objectives, financial and
  otherwise, and refinement of the strategic
  budgeting and control system process to ensure
  execution excellence in all phases of MTGA
  operations
• Review of Information Technology requirements
  necessary to achieve and maintain and
  continuously improve the MTGA goals of top-tier
  customer service
• Designation of specific positions and
  responsibilities for a dedicated full-time MTGA
  development staff and establishment of timeframe
  for recruitment of such staff

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MTGA Strategies 2008 2012 (cont.)

• Assess the development of specific Mohegan Sun
  sub-brand that can be utilized in high-tax rate
  venue (and other non-destination) commercial
  ventures undertaken by the Tribe in diversified
  geographic locations
• Establishment of more defined system of customer
  service and employee satisfaction metrics that
  can be used by senior management to monitor
  performance in these two key strategic areas
• Development and implementation of a management
  training program to fully inform all MTGA
  personnel of formal strategy of the organization
  for the 2008-2012 time period

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Mohegan Sun Project Horizon
MOHEGAN TRIBAL GAMING AUTHORITY
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Project Horizon
World Renowned Design and Construction Team

• WATG
• Rockwell Group
• Keating Building Corporation
• Skanska USA

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Project Horizon
Components

• Sunrise Square
• Casino of the Wind
• Earth Expansion
• Garage Expansion
• Infrastructure and Roads

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Project Horizon - Sunrise SquareAsian Gaming
Expansion David Rockwell Designed

• 8,500 square-foot gaming floor featuring 46
  table games
• 4,000 square-foot Hong Kong Street food
  outlet
• 5,000 square-foot bus lobby
• Opened in August 2007

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Project HorizonCasino of the Wind

• 64,000 square-foot addition
• 45,000 square feet of gaming space, including
• 825 slot machines
• 28 table games
• A themed poker room with 42 tables
• Jimmy Buffetts Margaritaville Restaurant
• Two-levels
• 16,000 square feet
• Chiefs Deli
• Expected to open in the fall of 2008

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Project HorizonEarth Expansion - 922-Room,
39-Story Hotel Tower

• 661 Mohegan Sun owned and operated rooms
• 261 House of Blues-themed rooms
• 9,000 square-foot exclusive, members-only,
  House of Blues
• Foundation Room
• Swimming pool and spa
• Expected to open in October 2010

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Project HorizonOther House of Blues Components

• 1,500-person capacity music hall
• 300-seat casual dining restaurant
• Special events room
• Retail shop

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Project HorizonRetail and Restaurant Components

• Approximately 44,000 square feet of new retail
  space
• Approximately 38,000 square feet of food and
  beverage facilities, including
• Two celebrity fine-dining venues
• A celebrity burger bar restaurant
• Four bars
• A family-style pizzeria
• A four-station food court
• 4,100 square-foot Kidss Quest expansion
• Expected to open in October 2010

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When Project Horizon in CompletedMohegan Sun
December 31, 2010

• 380 table games (including poker tables)
• 7,000 slot machines
• 2,097 hotel rooms
• More than 75 retail and restaurant outlets
• More than 30 bars and lounges
• Four entertainment venues

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Project HorizonSummary Budget ( in millions)
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Project Horizon Video
MOHEGAN TRIBAL GAMING AUTHORITY
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Mohegan Sun at Pocono Downs
MOHEGAN TRIBAL GAMING AUTHORITY
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Phase I

• Opened on November 14, 2006
• Two-level casino
• 90,000 square feet of gaming space
• 1,100 slot machines
• Two casino bars
• A food court
• A retail shop
• Total cost of approximately 72.0 million
• Renovations were completed in June 2007 to the
  food court in order to accommodate the
  installation of 80 additional slot machines

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Project Sunrise
Expansion of Mohegan Sun at Pocono Downs

• Construction commenced in May 2007
• When completed, the combined facility will
  include
• 2,500 slot machines
• Three fine dining restaurants
• A 300-seat buffet
• An expanded food court
• Retail shopping
• Nightlife venues
• Additional parking and bus amenities
• Anticipated to cost approximately 208.0 million
• Expected to open in the Summer of 2008

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Diversification Efforts
MOHEGAN TRIBAL GAMING AUTHORITY
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Diversification Efforts

• Kansas
• New York
• Massachusetts
• Cowlitz Project
• Menominee Project

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Kansas
Legends Sun

• Overview
• MTGA, Olympia Gaming and RED Development have
  partnered to develop a gaming facility and
  destination resort named Legends Sun to be
  located in Wyandotte County, Kansas
• The proposed 770.0 million project would feature
  a wide array of attractions and amenities
  including the following
• A Las Vegas-style casino
• 2,000 slot machines, 60 table games and a 25
  table poker room
• A luxury hotel with approximately 350 rooms
• A convention and conference facility
• Approximately 200,000 square feet of high-end
  retail
• Approximately 200,000 square feet of residential
  development
• A Robert Trent Jones II designed championship
  golf course

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Kansas
Legends Sun (Cont.)

• Progress Report
• On September 25, 2007, MTGA, Olympia and RED
  submitted the Legends Sun application to the
  Unified Government of Wyandotte County/Kansas
  City, Kansas, for approval
• Three applicants, Legends Sun, Pinnacle
  Entertainment and Kansas SpeedwayHard Rock have
  received conditional endorsement of the Unified
  Government of Wyandotte County/Kansas City,
  Kansas for their proposals
• In December 2007, Legends Sun submitted its
  application to the Kansas Lottery Commission in
  accordance with the Kansas Expanded Lottery Act
• In January 2008, Las Vegas Sands submitted a
  revised application to the Unified Government of
  Wyandotte County/Kansas City, Kansas, for
  approval
• The Kansas Lottery Commission is expected to make
  a decision in the Spring of 2008

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New York

• Overview
• The Governor of New York awarded the New York
  thoroughbred racing franchise to New York Racing
  Authority (NYRA) for an additional 30 year term
• Under the Governors plan, a gaming operator
  would be selected to operate 4,500 VLTs at
  Aqueduct
• MTGA has submitted an application to manage the
  4,500 VLTs at Aqueduct along with Capital Play,
  an Australian racing company
• The proposed facility will include the following
  
• 4,500 VLTs
• Three patron bars
• A 125-seat quick service food court
• A VLT operator is expected to be selected in the
  Spring of 2008

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Massachusetts

• Overview
• MTGA signed an exclusivity deal with Northeast
  Realty, a development company that owns 150 acres
  of land in Palmer, Massachusetts, to build a
  164,000 square-foot casino
• The proposed 1.0 billion project would feature a
  wide array of attractions and amenities including
  the following
• A 600-room hotel
• A 15,000 square-foot spa
• Twelve restaurants and food venues
• 100,000 square feet of retail space
• A multi-purpose entertainment venue
• Garage and surface parking
• Progress Report
• In October 2007, the Governor of Massachusetts
  filed legislation calling for the award of
  licenses for three major gaming facilities to be
  built in the western, southeastern and
  metropolitan Boston areas of the state

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Cowlitz Project

• Overview
• The Cowlitz Tribe is a federally recognized
  landless tribe, with most members residing in
  southern Washington state
• The Tribe is seeking to build a 510 million
  casino and resort in La Center, WA which is
  located near Portland, Oregon
• MTGA has partnered with a local businessman
  (Cowlitz Tribal Member) to develop and manage the
  property
• Progress Report
• Land for planned casino site has been acquired
• Cowlitz received a restored lands opinion in late
  2005 from NIGC
• Final EIS was delivered to the Central BIA office
  in Washington D.C.
• Washington state gaming regulators and the
  Washington Tribes have agreed on new gaming
  compacts
• Awaiting a Record of Decision from the BIA

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Menominee Project

• Overview
• Menominee Tribes reservation is located in
  Keshena, WI
• Currently projecting an 808 million casino in
  Kenosha, WI at the Dairyland Greyhound track
• Site is 50 miles north of Chicago and 30 miles
  south of Milwaukee
• MTGA will develop and manage the property
• Progress Report
• Land into Trust Application submitted in July
  2004. The BIAs Midwest Regional Office issued a
  two part recommendation recommending the land be
  taken into Trust for the project
• Two referendums were passed, one in the city of
  Kenosha and one in the county of Kenosha
• The Menominee Tribe and the city and county of
  Kenosha have entered into intergovernmental
  agreements
• Final EIS has been moved to the Central BIA
  office in Washington D.C. for review
• Awaiting a Record of Decision from the BIA

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Financial Overview
MOHEGAN TRIBAL GAMING AUTHORITY
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Fiscal Year 2007 Operating Results

• Record consolidated gaming revenues of 1.47
  billion, a 14.8 increase over the prior fiscal
  year
• Consolidated gross slot revenues of 1.08
  billion, a 19.2 increase over the prior fiscal
  year
• Table games revenues of 386.4 million, a 5.5
  increase over the prior fiscal year
• Consolidated non-gaming revenues of 282.6
  million, a 5.4 increase over the prior fiscal
  year
• Consolidated income from operations of 292.6
  million, a 17.4 increase over the prior fiscal
  year
• Consolidated net income of 172.6 million, an
  11.4 increase over the prior fiscal year
• Record consolidated Adjusted EBITDA of 393.4
  million, a 2.9 increase over the prior fiscal
  year

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Fiscal Year 2007 vs. Fiscal Year 2006
Revenue Comparison
FY 07
FY 06
1,752
1,548
1,469
1,280
133
121
102
96
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(in millions)
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Operating Results - For the Fiscal Years Ended
September 30, 2007 and 2006
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Current Slot Operating Results
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Current Slot Operating Results
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Current Slot Operating Results
Mohegan Sun at Pocono Downs Gross Slot WPU
(Quarter Ended)

• From opening date of November 14, 2006 to
  December 31, 2006.
• From opening date of November 14, 2006 to
  September 30, 2007.

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Mohegan Sun Annual Compound Rate
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Mohegan Sun Annual Compound Rate
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MTGA Annual Compound Rate
( in millions)
CAGR13.2
CAGR 11.1
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Mohegan Tribal Gaming Authority Capital
Structure Liquidityand Capital Expenditures
MOHEGAN TRIBAL GAMING AUTHORITY
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Debt Capitalization
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Distributions and Capital Spending
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MTGA Debt Ratings

• Moodys
  SP
• Corporate Credit Rating Ba1 BB-
• Bank Credit Facility NA BB-
• 6.125 Senior Notes due 2013 Baa3 B
• 6.375 Senior Sub Notes due 2009 Ba2 B
• 8 Senior Sub Notes due 2012 Ba2 B
• 7.125 Senior Sub Notes due 2014 Ba2 B
• 6.875 Senior Sub Notes due 2015 Ba2 B
• NA Not available at current time.

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Financing Update

• The Authority closed on its new 1.0 billion
  revolving credit facility in March 2007. The new
  facility replaced the Authority's 450.0 million
  credit facility
• The Authority plans to finance Project Horizon at
  Mohegan Sun and Project Sunrise at Mohegan Sun at
  Pocono Downs through the new credit facility
• The Authority is currently seeking an amendment
  to allow for increases in the Project Horizon
  and Project Sunrise budgets

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Investment Considerations
MOHEGAN TRIBAL GAMING AUTHORITY
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Investment Considerations

• Mohegan Sun Market Location
• Connecticut duopoly with Foxwoods
• High barriers to entry for other Indian gaming
• Centrally located between Boston and New York
  City
• Located approx. one mile from I-395 with easy
  access from highway
• Mohegan Operations
• Proven Tribal Leadership that continues to
  focus on deleveraging Mohegan Suns debt
• Practical and conservative view of balancing
  distributions and reduction of debt
• Experienced and focused management team
• Senior management has over 100 years of
  cumulative experience in the gaming and hotel
  industry
• Strategic vision to grow the Company
• Consistent revenue and EBITDA growth

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Investment Considerations (Cont.)

• Project Horizon
• Extension of Mohegan Sun as a lifestyle brand
• Master planned and designed facility
• Will protect against current and potential
  northeastern competition
• Will provide additional cash flow overall for
  further deleveraging

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Questions
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Appendix
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Reconciliation of Adjusted EBITDA to Net Income
For the Fiscal Years Ended September 30, 2007
and 2006